EX-12.1 5 heiexhbit121201610k.htm EXHIBIT 12.1 Exhibit


HEI Exhibit 12.1
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
2016
 
2015
 
2014
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
$
81,974

 
$
89,141

 
$
83,936

 
$
89,284

 
$
83,458

 
$
88,535

Interest component of rentals
6,200

 
6,200

 
6,065

 
6,065

 
6,366

 
6,366

Pretax preferred stock dividend requirements of subsidiaries
2,825

 
2,825

 
2,977

 
2,977

 
2,952

 
2,952

Total fixed charges
$
90,999

 
$
98,166

 
$
92,978

 
$
98,326

 
$
92,776

 
$
97,853

Earnings
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
$
371,951

 
$
371,951

 
$
252,898

 
$
252,898

 
$
263,708

 
$
263,708

Fixed charges, as shown
90,999

 
98,166

 
92,978

 
98,326

 
92,776

 
97,853

Interest capitalized
(3,727
)
 
(3,727
)
 
(3,265
)
 
(3,265
)
 
(3,954
)
 
(3,954
)
Earnings available for fixed charges
$
459,223

 
$
466,390

 
$
342,611

 
$
347,959

 
$
352,530

 
$
357,607

Ratio of earnings to fixed charges
5.05

 
4.75

 
3.68

 
3.54

 
3.80

 
3.65

 
2013
 
2012
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

Total interest charges
$
85,315

 
$
90,407

 
$
83,020

 
$
89,443

Interest component of rentals
6,345

 
6,345

 
6,493

 
6,493

Pretax preferred stock dividend requirements of subsidiaries
2,886

 
2,886

 
2,943

 
2,943

Total fixed charges
$
94,546

 
$
99,638

 
$
92,456

 
$
98,879

Earnings
 

 
 

 
 

 
 

Pretax income from continuing operations
$
247,946

 
$
247,946

 
$
217,064

 
$
217,064

Fixed charges, as shown
94,546

 
99,638

 
92,456

 
98,879

Interest capitalized
(7,097
)
 
(7,097
)
 
(4,355
)
 
(4,355
)
Earnings available for fixed charges
$
335,395

 
$
340,487

 
$
305,165

 
$
311,588

Ratio of earnings to fixed charges
3.55

 
3.42

 
3.30

 
3.15

(1)
Excluding interest on ASB deposits.
(2)
Including interest on ASB deposits.

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, and (iv) the non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.